Fiberglass composite fibers are actually glass, which means very hard. Consider this when selecting tools to work on fiberglass. In the case of the hole punch, it probably wouldn't cut a clean hole and the glass fibers would dull the tool. With a hole saw, same thing, the glass fibers would dull the teeth. I prefer abrasive tools to cut fiberglass. If I have to use a shearing or toothed tool, I mark this "for fiberglass only" once I have used it on fiberglass.